An investment group headed by Mexican businessman Fernando Pardo has taken control of Argentinean bakery chain Compania de Alimentos Fargo, after purchasing the $30m in debt that the company owed Deutsche Bank Trust Company Americas.

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Fargo sent a filing to Argentina’s stock exchange on Friday and included a letter from investment firm Bismark Acquisition saying it had bought the debt, reported Dow Jones International News.

The filing follows recent speculation that Mexican bakery giant Bimbo would buy Fargo, which has been hit in recent years by recession and the depreciation of the peso.

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